LIC gets income tax penalty notice of Rs 84 crore; insurer to file appeal
New Delhi: Life Insurance Corporation (LIC) on Tuesday said that the Income Tax Department has demanded Rs 84 crore penalty pertaining to three assessment years and the Corporation has decided to file an appeal against the order.

Policyholders are increasingly taking insurance companies to consumer court; comprise 27% of cases in 2022

The Department of Consumer Affairs has taken proactive measures to resolve cases in consumer courts, prompting individuals to reach out to the concerned regulatory body with their grievances. As a result, the inflow of appeals has increased, doubling the total number of pending cases between April-July, 2022 and August-November, 2022.

Insurance industry lacks human capital in administration: Irdai member
 

LIC's sops for agents could price out smaller life insurance companies
 

Bajaj Finserv's insurance arm receives GST's knock; authority sends demand notice of Rs 1010 cr
Bajaj Finserv's insurance arm, Bajaj Allianz General Insurance Company Limited (BAGIC) on September 29 received a show cause cum demand notice from the Directorate General of Goods and Services Tax (GST) Intelligence alleging a tax demand of Rs 1010.05 crore, the financial services company informed the exchanges on Tuesday.

US health insurance GCCs in India see big growth in talent
 

Sebi’s finfluencer rules to hurt foreign brokers
The Securities and Exchange Board of India’s (Sebi) bid to tighten regulations on financial influencers, or finfluencers, could have unintended consequences on overseas banks and brokers providing services to foreign portfolio investors (FPIs), two people familiar with the matter said.

Sebi introduces mechanism for intermediaries reporting demise of an investor
The Securities and Exchange Board of India (Sebi) Tuesday announced a centralised mechanism for reporting and verification through KYC Registration Agency in case of the demise of an investor in order to smoothen the transmission process in securities market, effective from January 1, 2024.

Sebi introduces new system for verification in case of investor death
New Delhi: Sebi on Tuesday announced a centralised mechanism for reporting and verification through the KYC registration agency in case of an investor's demise. It has put in place operational norms, including the obligations of regulated entities and registered intermediaries that have interfaces with investors or account holders who are natural persons.
 

Sebi extends deadline on market buzz
New Delhi: Capital markets regulator Sebi has extended the deadline for mandatory confirmation or denial of market rumours by listed companies.
 

SEBI announces system to report demise of investor
Mumbai: The Securities and Exchange Board of India (SEBI) on Tuesday announced a centralised mechanism for reporting and verification through the KYC Registration Agency in the case of the demise of an investor. The regulator has put in place operational norms, including the obligations of regulated entities and registered intermediaries that have interfaces with investors or account holders who are natural persons. The new framework will come into effect from January 1, 2024, SEBI said in a circular.

Motilal Oswal Nifty 500 ETF launched. Investors to get exposure to 90% of India’s listed companies
Motilal Oswal Asset Management Company (MOAMC) has announced the launch of Motilal Oswal Nifty 500 ETF. The AMC said in a statement today that this exchange-traded fund aims to offer investors exposure to more than 90% of India’s listed market capitalization and an opportunity to participate in India’s growth story. The ETF is expected to list on NSE on 6th October 2023; the trading symbol is ‘MONIFTY500’. 

HDFC MF raises stake by 2.01% in Sula Vineyards, total holding now at 8.56%
HDFC MF has raised its stake by 2.01% in India's biggest winemaker Sula Vineyards via the open market on September 28. With this the total holding in HDFC MF now stands at 8.56%, Sula Vineyards informed in an exchange filing.

Groww Mutual Fund Launches Groww NIFTY Total Market Index Fund: Five things to know
Groww Mutual Fund has announced the launch of Groww Nifty Total Market Index Fund, based on the NIFTY Total Market Index. Anupam Tiwari (Fund Manager) will be managing the fund. "India's economic story is multi-dimensional, with growth seen across diverse sectors. Groww NIFTY Total Market Index Fund seeks to offer investors an opportunity to benefit from India’s growth," said Harsh Jain, COO and co-founder, of Groww.

Navi Mutual Fund files draft for Nifty IT Index Fund

Navi Mutual Fund has filed a draft for Navi Nifty IT Index Fund. The scheme will be an open-ended scheme replicating Nifty IT Index.

Trust MF ropes in Max Life's Vora as CIO

Mihir Vora will join Trust Mutual Fund as its chief investment officer as the fund house seeks to enter the actively managed equity mutual fund business.

Mid cap funds offer 22.45% average return in 2023; PGIM India Midcap Opportunities Fund gives 10.94%

Actively-managed mid cap schemes offered an average return of 22.45% in 2023 so far. There are 29 actively-managed mid cap schemes in the category, but only three mid cap schemes managed to outperform their respective benchmarks in this year. In other words, 90% schemes failed to beat their benchmarks in 2023.

FIIs continue withdrawal from Indian market, spark concerns of extended downturn
Foreign institutional investors (FII) remained a net seller on the Septembe’s last trading session and offloaded shares worth net Rs 1,685.70 crore, on September 29, 2023, according to the provisional data available on the NSE. Meanwhile, the domestic institutional investors (DII) added shares worth net Rs 2,751.49 crore on Friday. 

Brookfield raises $12 billion for its largest PE fund
 

Indian bond yields seen higher as 10-yr US yield hits fresh 16-year high
Indian government bond yields are expected to trend higher at the start of the fiscal second half as U.S. yields continue their upmove, with the 10-year yield rising to fresh 16-year highs, weighing on sentiment.

Vedanta demerger plan credit negative: CreditSights

Mumbai: Vedanta Ltd's plan to split into six entities is a modestly negative development for the bondholders of the UK-based Vedanta Resources, given that the rejig does not address the precarious debt situation of the holding company, financial research and credit analysis firm CreditSights said Tuesday.

RBI may take OMO route for g-securities sales

Mumbai: India's inclusion in the JP Morgan global bond index promises to do something unprecedented for India's sovereign debt market: Boost demand beyond the predicted supply. But the anticipated passive fund flows also pose a tricky liquidity-management problem for the central bank that wants to restrain inflation without having to raise rates.